Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading manufacturer of refrigeration equipment and a pioneer in cooling solutions in India, held its 15th Annual General Meeting (AGM) on September 28, 2024. During the event, the company outlined its ambitious growth plans and showcased its strong financial performance for FY2024. Chairman and Managing Director, Mr. Chandrakant Patel, emphasized Ice Make’s commitment to innovation, expansion, and sustainability as key drivers for its future success.
Strong Financial Performance for FY2024
Addressing the shareholders, Mr. Patel highlighted Ice Make’s impressive financial performance in FY2024. The company reported total consolidated revenue of ₹379 crore, representing a 20.95% growth over the previous year. EBITDA stood at ₹41.39 crore with a margin of 10.92%, while net profit reached ₹26.14 crore. The Board recommended a dividend of ₹2 per share, reinforcing the company’s commitment to rewarding its shareholders.
A significant milestone was achieved this year as Ice Make crossed ₹1,500 crore in market capitalization. This achievement reflects the company’s robust growth trajectory over the past seven years, during which it has maintained a compound annual growth rate (CAGR) of 24% in revenue and 39% in net profit, further solidifying its leadership position in the Indian refrigeration sector.
Capex Plans and Expansion Strategies
In line with its commitment to sustained growth, Ice Make reaffirmed its ongoing capital expenditure (₹200 crore capex) program, first announced at the previous AGM. The company has revised its capex plan and will require an additional ₹50 crore to achieve its near-term financial milestones. So far, it has invested ₹100 crore of its ₹250 crore capex plan to expand manufacturing capabilities, including new production lines for Continuous PUF Panels, Visi Coolers, and Chest Freezers. The remaining ₹150 crore will be allocated over the next 1-2 years, supporting revenue targets of ₹500 crore by FY2024-25 and ₹1,000 crore by FY2027-28, driven by rising demand in key sectors such as pharmaceuticals, agriculture, dairy, and food processing.
Strategic Initiatives for Growth
Mr. Patel outlined several strategic initiatives that will bolster Ice Make’s future growth. The company is actively exploring technology partnerships with foreign firms, particularly in the commercial freezer segment, to enhance innovation and maintain leadership in providing sustainable, energy-efficient refrigeration solutions.
Geographical expansion is another priority. Ice Make plans to extend its reach in northern India, aiming to improve market penetration and reduce logistics costs. These initiatives, alongside successful collaborations with e-commerce platforms, have contributed significantly to revenue growth. The company’s growing presence in the food processing sector, with key orders secured, has further strengthened its leadership position in this industry.
Performance Outlook
Looking ahead, Ice Make’s current order book stands at ₹138 crore, which will provide a solid foundation for continued growth in FY2025. The company is targeting an annual growth rate of 25-30% over the next few years, driven by sustained demand and the continuous expansion of its product portfolio.
On the international front, Ice Make is pursuing UL certification, which will allow it to enter the U.S. market. This certification represents a key step in the company’s global expansion strategy.
In closing, the Company emphasized Ice Make’s strong presence across key refrigeration segments, including cold room storage, ammonia refrigeration, industrial refrigeration, commercial refrigeration, and transport refrigeration. “With the rising demand for innovative cooling solutions both in India and globally, Ice Make is strategically positioned to seize these opportunities. We are dedicated to delivering long-term value through continuous innovation and focused growth initiatives. Mr Patel added.
With a robust foothold in the domestic market and exports to 24 countries, Ice Make continues to broaden its geographical reach and enhance production capabilities. The company operates five state-of-the-art manufacturing units in Gujarat, Tamil Nadu, and West Bengal, enabling it to efficiently meet the growing needs of its customers. This capacity to scale has been instrumental to Ice Make’s success, as reflected in its expanding production capacity and market presence. Mr. Patel concluded by reaffirming the company’s commitment to growth and excellence in the refrigeration industry.
About Ice Make Refrigeration Limited:
Ice Make Refrigeration Limited, established in 1993, has been a trusted provider of customized cooling solutions, catering to diverse industries across India and beyond. The company operates under five key business verticals: Cold Room, Commercial Refrigeration, Industrial Refrigeration, Transport Refrigeration, and Ammonia Refrigeration. With a strong foothold in the domestic market and export operations across 24 countries, Ice Make continues to expand its geographical presence and production capabilities.
The company operates five state-of-the-art manufacturing units located in Gujarat, Tamil Nadu, and West Bengal, allowing it to efficiently serve its growing customer base. Ice Make’s ability to scale up its operations has been key to its success, reflected in its growing production capacity and market reach.
In December 2017, Ice Make made a significant mark by being listed on NSE Emerge, following a record-breaking SME IPO subscription of over 261 times, valued at more than INR 6,100 crore. This marked a pivotal moment in the company’s financial journey, helping it expand its market presence. In FY23, Ice Make achieved another financial milestone, surpassing an annual turnover of INR 300 crore, cementing its position as a leading player in the refrigeration industry.
The company’s workforce has grown to over 765 employees across its multiple manufacturing units, contributing to its continued success and operational excellence. Over the years, Ice Make has earned several prestigious awards, including the Indian Leadership Award for Industrial Development (2011), Best Medium Enterprise (Manufacturing) by Canara Bank & Skoch Award (2014), the India SME 100 Award (2017), and the Gold Award for excellence in its core industry category. Additionally, Ice Make received the 2017-18 Vision Award for Annual Report Competition, ranking 27th globally among the top 100 annual reports.
These accolades reflect Ice Make’s commitment to innovation, quality, and industry leadership. The company remains focused on delivering high-quality, efficient, and sustainable refrigeration solutions, further strengthening its position as a key player in the global refrigeration market.
Safe Harbor Statement
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
